Smith-midland reports third quarter 2023 financial results

Revenue increased 31% to $15.7 million; backlog remains strong over $60 million midland, va / accesswire / november 9, 2023 / smith-midland corporation (nasdaq:smid) a provider of innovative, high-quality, proprietary and patented precast concrete products and systems announced its third quarter results for the period ended september 30, 2023. third quarter 2023 summary revenue increased 31 percent from the prior year quarter to $15.7 million product sales increased 54 percent from the third quarter of 2022 to $10.9 million gross margin of 22.9%, a 550 basis point increase from the prior year quarter net income of $1.3 million compared to $5,000 in the third quarter of 2022 selected by maryland transportation authority for $6.8 million architectural panel project for the baltimore harbor tunnel awarded $1.6 million contract for rental of j-j hook barrier for i-64 hampton roads express lanes project "our strong third quarter results reflect the underlying strength of our business coupled with the favorable tailwinds within the industry from increased public and private infrastructure and construction spending.
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